Business
Launch of new Financial Services Division
Launch of new Financial Services Division.
About this update from Property Franchise Group Plc
[{"type":"text","content":"\n \nRNS Number : 6605Z Property Franchise Group PLC (The) 14 January 2020 \n\n14 January 2020\nTHE PROPERTY FRANCHISE GROUP PLC\n(\"TPFG\", the \"Company\" or the \"Group\")\n \nLaunch of new Financial Services Division\n \nThe Property Franchise Group PLC (AIM:TPFG), one of the UK's largest property franchises, is pleased to announce that it has launched a new financial services division and appointed Mark Graves to the new role of Financial Services Director, a non-board position. \n \nThe Group intends to pursue a \"buy and build\" strategy to develop this new division, targeting the acquisition of quality financial services businesses which are relevant to the Group's core business and directly authorised by the FCA. This division will operate as a subsidiary of the Group and will service the Group's existing franchisees.\n \nThis strategy seeks to enable the financial services division to capitalise on the significant volume of leads generated by the core business, whilst the property franchisees are able to generate further revenue without adding to fixed overheads.\n \nTo harness the franchisees' full commitment it is the Group's intention to make financial services available as a new franchise opportunity, with the Group holding the master franchise rights and delivering to its franchisees a separate financial services brand, back office systems, a supply of \"whole of market\" mortgage products and a compliance function. \n \nAs part of this new strategy and to seed the division, TPFG has acquired a 72.25 per cent. stake in Auxilium Partnership Limited, a protection advisory business, for a non-material sum. Auxilium Partnership is the first business in the newly formed subsidiary, Aux Group Limited. Auxilium Partnership was launched by Mark Graves in March 2019 with the aim to enfranchise, educate and encourage intermediaries, such as mortgage brokers, to develop their protection business, making it a core part of every mortgage and finance recommendation. The Company has no debt and is cash generative. \n \nMark Graves has 30 years' experience at a senior level in the life assurance sector, with FCA authorisation. He has held roles as Managing Director at Sesame Bankhall Group, Head of Network at Pink Network and Managing Director at Linear Financial Services.\n&nbs...